Happy New Year and welcome to 2013! We survived the end of the world and the fiscal cliff. The Mortgage Forgiveness Debt Relief Act has been extended which offers some solace for all of those going through the short sale and foreclosure process. Inventory is still low and prices have inched higher. Many investors that have been sitting back waiting for the best possible deal may have missed the boat. These investors will be starting to feel the pressure to buy before prices increase further. Click here to read the full report.
The lack of inventory has been the biggest news in the Pinellas County real estate market. Up until now the inventory shortage hasn’t had much of an effect on the market. For the last several months there have been steady increases in sales; however the residential real estate market saw sales drop from 1,508 in August to 1,283 in September. Year over year sales are still up nearly 10%. It will be important to see if the trend continues in the fourth quarter, as a slowdown in September is not all that surprising. Most people who are relocating typically buy homes earlier in the summer so children are ready to start school in the late summer.
Click here to read the full report.
Active inventory has continued its decline for the 20th straight month from January of 2011and down by 30% from last August. Distressed properties made up 19% of last month’s inventory. Of the 1,833 properties newly listed in August, 30% were distressed properties, 12% were bank owned and 18% were Short Sales. Click here to read the full report.
Residential sales were up just over 17%. Median sales prices were up 4.5% from $114,000 to $120,000 from July 2011 to July 2012. Listings continued to slide by almost 30% for the same time period. Click here to read the report.
Total residential property sales rose by almost 16% from June 2011 to June 2012, and median sales prices rose by 4.5% over the same time period. Total active listings fell over 30% for the same time period. Financing had virtually no change over the last 12 months as cash accounted for almost 60% of all transactions and conventional financing accounted for 25% of all transactions. Click here to read the report.
Pinellas County has less than one home per buyer for the second month in a row. New residential listings are down almost 4% from last year with an overall 30% decrease in inventory from 2011. Residential sales are up 6% from last April with a slight increase in median price. Average price, however, is up by 5%, representing the fourth jump this year. Click here to read the report.
For the month of March the single family market continues to be the strength of the market. While single family sales are down 3.1% from March 2011 to March 2012, sales are up almost 32% year to date, and the median sales price is up nearly $12,000 year to date. There was 21% increase in year over year sales in the condo market and as well as a 54% increase in month over month sales. However, even with a decrease in condo sales and in listings, there has still been a year over year decrease of 11% and a month over month decrease of 6.5% in the median sales price of condo’s in Pinellas County.
Click here to read the full report.
The decrease in listings has continued in February and is starting to get to concerning levels. Active inventory shrunk and non-distressed properties continue to increase their lead. Just over 21% of available homes are short sales and foreclosures, a full 6% decrease over last February. According to Leon Sarkisian, 2012 PRO Chairman of the Board, and realtor with Prudential Tropical Realty, properties that have been on the market for an extended period of time are starting to get interest from buyers. Sarkisian went on to say that many homeowners are too nervous to sell their existing homes for fear of not being able to get financing on a new home. Click here to read more.
WASHINGTON – March 14, 2012 – Statistics from the National Association of Realtors, Pew Research, Nielsen, and other sources shed some light on the modern real estate customer – information that agents can use to connect with prospects and grow their business.
The number of first-time buyers fell to 37 percent in 2011 from 50 percent in 2010; and the average buyer is older at 45 years, compared to 39 years. However, 37 percent of buyers were younger than age 31; 32 percent were older than 55; 21 percent were single females; and 12 percent were single males.
More than 50 percent of buyers want to see property videos, 83 percent find real estate agents most useful – compared to 81 percent who cited the Internet – and 92 percent view open houses as very useful or somewhat useful.
The average seller last year was a Baby Boomer, and a quarter of sellers sold their homes within two weeks of hitting the market. Moreover, 61 percent were repeat clients or referrals, and 66 percent interviewed just one agent.
As for technology, 200 million consumers use their smartphones to access social networks, and consumers spend about 33 percent of their time watching videos on their mobile devices. Among other statistical findings, social media is more popular with single women than single men.
Source: Maryland Realtor (03/01/2012) Vol. 46, No. 2, P. 8; Ferrara, Matthew
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The first month of 2012 saw a continued decline in active inventory. Compared to 2011, there was an overall decrease of 33%, a decrease of 27% on non-distressed properties, and a decrease of 48% on short sales and foreclosures. Foreclosures alone are down 56% from last January. Click here to read more.